Israel based CellGuide, designer and manufacturer of integrated GPS chips for mobile devices, has completed a second round of $8 million as reported by The Marker (Hebrew).
The round was led by Giza Venture Capital who was joined by CellGuide’s previous investors, GlenRock Israel, Cap Ventures and Evolution Securities.
Here’s where it gets interesting: among CellGuide’s private investors in the seed stage is “The Governator” of California, Arnold Schwarzenegger. According to Globes, the company was advised by Israeli investment consultancy LEAP Capital Advisors during the fund raising process. To date, CellGuide has raised a total of $23 million including the present round.
CellGuide develops a unique product that sets a new standard both in terms of performance and price, in comparison to conventional GPS chips. The company’s main line of products, the GPSense, uses proprietary, patented technology – “the result of many years of research & development, and product engineering”. Cellguide provides both hardware and software, as well as end-to-end integrated GPS infrastructure used for geo location of cell phones and cars for emergency and commercial purposes. It manages to deliver GPS services using low power consumption and offering a low price.
Founded in November 2000 by Israel Military Industry graduates former CEO Joseph Nir, CTO Baruch Shayevits and former R&D director Hanoch Cohen, CellGuide’s head count of 30 is currently led by CEO Ilan Levin, a private equity investment veteran, who assumed the role in 2003. CellGuide has OEM partnerships with semiconductor giants Motorola and Texas Instruments and among its clients are the Red Cross and the European Space Agency.
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